In a year when stocks around the world are getting cheaper, Indonesian shares are growing more expensive as surging profits lure Asia’s biggest investors.

The Jakarta Composite Index’s 11 percent advance this year lifted its valuation to 15 times estimated profit, the highest level among 45 benchmark stock gauges tracked by Bloomberg and a record 36 percent premium to the MSCI All-Country World Index. Price-earnings ratios fell in every other market, declining by an average 15 percent, data compiled by Bloomberg show. The index dropped 0.4 percent to 4,122.086 as of yesterday’s close.

Amundi Asset Management, Bank Julius Baer & Co. and Baring Asset Management, which oversee more than $1 trillion, say premium valuations in Jakarta are justified at a time when debt crises threaten growth in the U.S. and Europe and the biggest emerging nations lift interest rates to curb consumer prices. Indonesia is among the top countries in Templeton Asset Management’s investment list, Mark Mobius, executive chairman of Templeton’s emerging markets group, said in a Bloomberg Television interview today.